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  "documentTitle": "Huntsman Corporation (HUN)",
  "authorId": "03_Starboard_Value",
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  "presentationDate": "2022-03-08 00:00:00",
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  "notes": "Uses red callout boxes and arrows to highlight specific deceptive elements in a chart.",
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      "kind": "callout",
      "text": "$896 million is a FICTITIOUS NUMBER that the Company has NEVER been presented as a target to shareholders",
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      "kind": "callout",
      "text": "Huntsman is arbitrarily excluding the Chemical Intermediates business which was a core part of the Company’s portfolio in 2017. Huntsman is playing make-believe and crafting a deceptive narrative based on a fictitious portfolio.",
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      "text": "Bar chart showing 2017 Target Adj. EBITDA ($896M), 2017 Pro Forma Adj. EBITDA excluding MDI ($915M), and including MDI ($1,040M).",
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      "kind": "paragraph",
      "text": "After FAILING to deliver on its 2016 Investor Day Adjusted EBITDA target, Huntsman is now attempting to rewrite history by claiming that its hypothetical portfolio of businesses would have beat a make-believe Adjusted EBITDA target. We find these claims highly disingenuous and misleading.",
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      "kind": "paragraph",
      "text": "Huntsman falsely claims to have beat its 2017 Adjusted EBITDA target set at the 2016 Investor Day. To justify this narrative, the Company is not only pretending that it had a different product portfolio in 2017, but also pretending it had a different Adjusted EBITDA target than what was presented to shareholders at the time.",
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      "kind": "source-note",
      "text": "Source: Public company filings.",
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      "kind": "title",
      "text": "Huntsman Now Falsely Claims to Have Achieved Its Adjusted EBITDA Target by Pretending It Had Different Businesses in 2017",
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